In recent developments across the global financial landscape, South Africa's Financial Sector Conduct Authority (FSCA) has imposed a penalty exceeding 1 million rands (approximately US$57,000) on an individual for providing forex trading signals without the necessary license. This action underscores the FSCA's commitment to enforcing regulations in the forex market [3d4fd65b].
Meanwhile, Germany is set to repeal a €20,000 loss offset limit on Contracts for Difference (CFDs), a move that could pave the way for substantial refunds for traders who have incurred losses. This regulatory change is expected to enhance the trading environment for CFD investors in the country [3d4fd65b].
In the Middle East, CFI Financial Markets LLC has expanded its footprint by opening a third office in Sharjah, UAE, while Interactive Brokers has launched a new office in the Dubai International Financial Center, reflecting the growing importance of the UAE as a financial hub [3d4fd65b].
On the corporate front, Tavira Financial Limited has announced the closure of its CFD business after generating £31.7 million in revenue for the fiscal year 2024. This decision highlights the challenges faced by some firms in the competitive CFD market [3d4fd65b].
In a significant move, eToro has exited the Philippines, citing risk management considerations as the primary reason for its withdrawal from the market. This decision emphasizes the ongoing challenges that trading platforms face in maintaining compliance with local regulations [3d4fd65b].
Additionally, OANDA's Global Chief Marketing Officer has noted that most proprietary trading traffic is derived from organic channels, indicating a shift in how traders are engaging with platforms [3d4fd65b].
Rostro Group's CEO has projected that the company's headcount will exceed 200 by the end of the year, reflecting growth in the financial services sector [3d4fd65b].
Lastly, Cyprus's financial regulator has set an October 30, 2024 deadline for crypto service providers to notify their intentions for continued operations under existing regulations, as the region seeks to establish a clearer regulatory framework for the burgeoning crypto market [3d4fd65b].